I am currently using lots of indicators and oscillators so that i can practice them and learn how to use the so i can make some pips (in demo of course!)
Thing is, i am starting to think, it feels like the last thing that’s visible is the actual pair price!
I am currently using: RSI,Stochastic,MACD Histogram,Bollinger Bands,Parabolic SAR,Pivot Points,10 EMA, 20 SMA and when i can, i search for Formations,Fibonaccis,Candlesticks and Trend Lines
I Prefer 15 minute chart (i also check 5 minute and 1 hour before entering)
All of this in cTrader FxPro.
Does anything sound out of position/order? Is it too complicated?
Thanks in advance!
Remember that some profitable traders do not use indicators at all, which prove they are not necessary to make money.
In fact, by putting too much attention to your entry system, you may actually forget to look at proper money management, stop managing end exit rules, which are also critical part of a tading plan.
You may put as many indicators as you wish, you ll always have some bad trades. Do not try to avoid them at all cost, rather learn to accept them.
I’m a newbie and jsut began to learn… so using indicators seem too complicated for me too. I was looking for something more simple and came across this method called “candle timing strategy.” They use only candlestick charts and no indicator whatsoever. I don’t know if it’s the right thing for me but maybe you can check it out.
Yes charts and indicators are difficult to understand in beginning. In start we do trading blindly then when pay attention to these things we know how to read charts and act on indicators. Learn first before apply them .
My god, I needed a good laff for the day. Just got it. Bro, your working at the wrong end. There a about 7 key elements to a trading plan, entries is just one on probably the most over-worked. Blame the marketers for that. Start with one and focus on the process of trade management. Give it time (years) and it will come.
If I were you I would google, “don’t use forex indicators”, and check that out. I am very against them and all for clean price action trading. Good luck and message me if you want any specific help or have questions!
I agree with Miss Lexy. I don’t use any indicators. I only ‘read’ the chart which indicates everything. There are two important things I’m looking for:
technical levels which are formed by swing highs and lows. These show me where to expect bouncing.
motion. If the instrument is flat or confused I don’t trade.
Price, levels and thousand and thousands of hours with screen time is all you need in the end.
Indicators sometimes work, sometimes don’t. They are just cluttering up and confusing when they don’t work.
Remember this…all you need is a naked chart, price moving and a good understanding of support/resistance levels in all different ways…
It takes a long time to practice but in the end it’s all that you need…
